East Ras Budran Concession, E

RNS Number : 1552A

Regal Petroleum PLC

27 January 2011

 



Regal Petroleum plc

("Regal" or the "Company")

27 January 2011

SALE OF INTEREST IN EAST RAS BUDRAN CONCESSION, EGYPT

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces that it has entered into a conditional sale and purchase agreement with Apache East Ras Budran Corporation LDC ("Apache") in respect of its 25% non-operated interest in the East Ras Budran Concession (the "Concession") in Egypt.

Apache is currently Regal's partner in the Concession, holding the remaining 75% interest and acting as operator of the Concession.

The consideration payable under the sale agreement is US$1,100,000, subject to accounting adjustments under the current joint venture between Regal and Apache, which will result in net receipts to Regal of US$649,402 at closing of the sale.  The sale agreement is subject to Egyptian Government approval of the transaction, which is expected to take some weeks to obtain.  Closing of the sale will take place immediately after Egyptian Governmental approval is granted. 

For further information, please contact:

Regal Petroleum plc                        Tel: [phone] 

Keith Henry, Chairman

Robert Wilde, Finance Director

Strand Hanson Limited                    Tel: [phone]

Simon Raggett / Rory Murphy

Citigate Dewe Rogerson                 Tel: [phone]

Martin Jackson / George Cazenove

 

END

 

 

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